Lion in court bid to sink Coopers vote

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Lion Nathan has gone to the Federal Court in an attempt to stop
Coopers Brewery making itself takeover proof.

The trans-Tasman brewer yesterday filed documents in the Federal
Court in Melbourne seeking an injunction; its lawyers expect a
hearing next week.

In a move to halt Lion Nathan's $352 million hostile takeover
bid, Coopers has called an extraordinary general meeting on October
20 with the aim of removing Lion Nathan's third-tier rights to buy
shares in the company.

Lion Nathan will base its legal argument on the claim that the
notice of meeting issued by the company and its directors late last
week was misleading and deceptive.

It will allege Coopers directors failed to inform shareholders
any changes would make finding a liquid market for their shares
difficult and that their directors, because of their shareholdings,
had material interests in the changes.

Chief executive Rob Murray said Coopers' 117 shareholders should
be concerned managing director Tim Cooper had publicly stated the
intention to make the Adelaide brewer takeover-proof.

"It has been disappointing to see the haste with which the
company is acting in an attempt to prevent shareholders from
considering our offer of $260 per share," he said.